Listed property group Real Estate Investors has posted improved half-year results including a 58 per cent rise in revenue.
The Birmingham-based group, which has acquired several properties across the region in recent months, said turnover had climbed from £3.8 million to £6 million in the six months to July 2016.
It posted a pre-tax loss of £560,000, down year-on-year from £8 million in 2015, which was attributed to loss on revaluation of interest rate swaps and property revaluation loss.
Otherwise, profit before tax, revaluation and loss on valuation of interest rate swaps rose to £2.4 million, up from £1.5 million in 2015.
Dividend growth, now paid quarterly, continued with a 25 per cent increase to 1.25p.
Chief executive Paul Bassi said: “Our portfolio has grown to almost £200 million and we remain well positioned to grow our property portfolio, rental income and dividend payments, while maintaining prudent gearing levels and capitalising on the historically low interest rate environment.
“Additionally, the existing portfolio has significant capital growth potential from new lettings, planning approvals and rental growth, and is set to benefit from the £3.6 million of annualised new income secured in the first six months of 2016.
“There remained a positive appetite for quality income producing assets across the Midlands and we will consider sales at a surplus to existing valuations, subject to acquiring further property to maintain our income levels.”